-Paying bills on time will improve my credit score – While it is definitely a good start, it is not the only thing that needs to be done. Since 35% of your score is based on your payments being on time, it is essential but it will only continue to raise your credit score slowly over time. Remember that if payment history only accounts for 35%, there is still 65% of your score that has nothing to do with missing payments. -Cancelling credit cards that you haven’t used in a while will increase your credit score – Cancelling unused credit…

Covering Fannie, Freddie, FHA, and VA Ann. SEL-2010-05: Underwriting Borrowers with a Prior Pre-foreclosure Sale or Deed-in-Lieu of Foreclosure (04/14/10) To support overall market stability and reinforce the importance of borrowers working with their servicers when they have difficulty repaying their debt, Fannie Mae is updating several policies regarding the future eligibility of borrowers to obtain a new mortgage loan after experiencing a pre-foreclosure event (pre-foreclosure sale, short sale, or deed-in-lieu of foreclosure). The “waiting period” – the amount of time that must elapse after the pre-foreclosure event – is changing and may be dependent on the LTV ratio for…